UK Financial Conduct Authority Warns of Clone FXOpen

On August 27, the UK Financial Conduct Authority (FCA) alerted investors to the unlicensed broker ‘FXOpen Finance,’ a clone of the compliant broker FXOpen, emphasizing that the entity is not authorized.

The illegal broker FXOpen Finance claims to operate by “FXOpen Markets Limited,” which holds legitimate company registration in London. However, the UK financial watchdog confirmed this is a clone.

According to the FCA, the fraudsters replicate details of an authorized firm to mislead people into believing they represent a legitimate financial company. The regulator advises investors to avoid dealing with clone entities.

The genuine FXOpen, whose details have been misused, is a licensed forex and CFD broker regulated by the UK's FCA and Cyprus's CySEC.

The regulator warned that visitors may also find other false information on the website https://fxopenfinance.uk/, including email addresses, phone numbers, email addresses, and company reference numbers (FRN). Additionally, fraudsters may mix genuine and fake details or alter contact information over time.

In a warning issued by the Cyprus Securities and Exchange Commission (CySEC) on August 28, two unauthorized Telegram groups were suspected of operating scams. Both groups featured the keyword “FXOpen” in their names.

BrokersView reminds you

To gain investor trust, many fraudulent forex brokers falsely claim or imply they are reputable, compliant financial firms.

To avoid falling into impostors' traps, investors are advised to verify regulated brokers' websites and regulatory status through BrokersView to ensure fund security.